| The Regional Comprehensive Economic Partnership(RCEP)was initiated by ASEAN in 2012 and lasted for eight years.It is now signed by China,South Korea,Japan,ten ASEAN countries,,New Zealand and Australia a total of fifteen member countries,and will enter into force on January 1,2022.RCEP member countries have a population of more than 3.5 billion,accounting for 47.4% of the world’s total,gross domestic product accounting for 32.2% of the world’s total foreign trade accounting for 29.1% of the world’s total.The entry into force and implementation of this agreement marks the official landing of the world’s most populous,largest economic and trade scale,and most potential free trade area.At the same time,it also means that countries in the region send out the message of commitment to building an open world economy and supporting the multilateral trading system.Under this background,the history and new opportunities put forward new requirements for the improvement of China’s international competitiveness of financial service trade again.With the worldwide economic development and technological progress,around the 1960 s,trade in services gradually got rid of its status as a subsidiary of trade in goods and entered a period of vigorous development.Compared with trade in goods,trade in services has achieved "overtaking" in recent years.According to the data released in the 2019 World Trade Report,since 2005,the average annual growth rate of service trade has been 5.4%,which is higher than the average annual growth rate of goods trade of 4.6%.Since 2011,trade in services has been growing faster than trade in goods.The world’s export of goods is growing at a rate of 1% every year,while the export of services is up to 3%.In 2017,the total value of global trade in services has reached 13.3 trillion dollars.At the same time,the proportion of service trade in trade is increasing.The proportion of service trade in world trade has increased from 9% in 1970 to more than 24% in 2019,accounting for nearly a quarter.The report also predicts that by 2040,service trade will account for one third of world trade,that is,its share in global trade is expected to increase by 50%.In service trade,financial service trade,with its unique nature,occupies an extremely important position.Based on the above background,the first part of this paper will analyze and define the relevant concepts of financial service trade,international competitiveness,and international competitiveness of financial service trade,and then list the two basic theories of international business that this paper mainly applies: comparative advantage theory and competitive advantage theory;Finally,the paper elaborates on the literature from three aspects: financial service trade,international competitiveness,and international competitiveness of financial service trade,which constructs the theoretical basis of this paper.The second part will select the international competitiveness indicators of financial service trade on the basis of previous studies,select appropriate quantitative methods,measure and compare the international competitiveness level and development status of financial service trade of 15 member countries within the framework of RCEP;This chapter calculates the revealed comparative advantage index(RCA index),trade competitive advantage index(TC index),international market share(MS index),net export revealed comparative advantage index(NRCA index)and revealed comparative advantage index(CA index)of RCEP countries on the basis of the research on international competitiveness theory and literature in Chapter II,and evaluates the results.The third part,under the framework of competitive advantage theory,selects several data from different dimensions to build a measurement model more suitable for measuring the development level of China’s financial services trade,and conducts empirical analysis;Based on the research assumptions put forward in Chapter 2,the following representative indicators are selected under the improved "diamond model" framework: the source of RMB credit funds of financial institutions,the number of Internet users,per capita disposable income of residents,various loans used by financial institutions,total exports of goods trade,financial system efficiency,openness of financial services trade,and the amount of foreign direct investment actually used by the financial industry,Specifically analyze the factors affecting China’s financial services trade,propose variable measures,explain the reasons for sample data selection,data sources and basis,and finally elaborate the model establishment and result analysis.Finally,based on the measurement results of China’s financial services trade development level measurement model,combined with the specific provisions and annexes on financial services trade in the Regional Comprehensive Economic Partnership Agreement,the proposal to enhance China’s international competitiveness in financial services trade within the framework of RCEP will be put forward.Based on the analysis of empirical results,the research conclusions are drawn,and theoretical contributions and targeted suggestions are proposed.Based on the fact that the cooperation among China,South Korea,Japan,ten ASEAN countries,,New Zealand and Australia is closer than before under the new framework of RCEP,this paper discusses how we need to take advantage of national competitive advantages to develop domestic financial service industry internally,seize the first opportunity and market externally,optimize resource allocation and improve the status of countries in the region under the new framework. |
